Brazil: OSX Raises USD 500 Million for FPSO Financing
OSX raised US$ 500 million by issuing Senior Secured Bonds in the international market, the net proceeds of which shall be used for the construction of its FPSO OSX-3. Thursday, 15.Mar.2012, 03:22 (GMT+3)
OSX raised US$ 500 million by issuing Senior Secured Bonds in the international market, the net proceeds of which shall be used for the construction of its FPSO OSX-3.
The FPSO OSX-3 will have an oil production capacity of 100.000 bopd and a storage capacity of up to 1.300.000 bbls. The unit will be chartered to its client OGX for operation in the Campos Basin during a 20 year-period. The construction of the FPSO OSX-3 is currently underway in Singapore, at the Jurong Shipyard, pursuant to the turn-key contract for its engineering, procurement, construction and installation (EPCI), entered into between OSX-3 Leasing B.V. and Modec International Inc. in July 2011.
The financial terms of the Bond issued by OSX-3 Leasing B.V. provide for final maturity in March 2015 at an interest rate of 9.25% pa, payable quarterly. OSX-3 Leasing B.V. will have a call option exercisable between 15 and 24 months from the date of issuance at 103% of the face value or between 24 and 36 months at 102% of the face value. In the bond issuance, Pareto Securities acted as Global Coordinator, Joint Lead Manager and Bookrunner, and DNB Markets as Joint Lead Manager and Bookrunner.
â€śThe issue of a US$ 500 million Bond by OSX in the private international market reaffirms the soundness and consistency of OSXâ€™s projects. In addition to launching our presence in the international fixed income market, this operation consolidates the partnerships that OSX has been building with global financial institutions. The construction of FPSO OSX-3 moves steadily towards its oil production in Brazil.â€ť stated Luiz Carneiro, CEO of OSX.